- Binance Coin price analysis is bearish today.
- BNB/USD found support at $510 previous support.
- Resistance at $525 is currently retested.
Binance Coin price analysis is bearish today as we expect the current quick spike to $525 resistance to result in another reversal. Likely BNB/USD is now ready to test even further downside.
The cryptocurrency market overall has seen a slight bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 1.34 and 1.14 percent, respectively. Meanwhile, Binance Coin (BNB) is in the red, with a small loss of 0.44 percent.
Binance Coin price movement in the last 24 hours: Binance Coin respects $510 support again, spikes back to previous high
BNB/USD traded in a range of $508.59 – $527.70, indicating substantial volatility over the last 24 hours. Trading volume has declined by 7.29 percent, totaling $2.155 billion. Meanwhile, the total market cap trades around $87.15 billion, ranking the coin in 3rd place overall.
BNB/USD 4-hour chart: BNB gets rejected by the $525 resistance again
On the 4-hour chart, we can see a quick spike higher this morning met with rejection for further upside, likely sending the Binance Coin price action lower later today.
Binance Coin price has seen a strong reversal this week. After previously setting several higher highs and lows, BNB/USD spiked to $573 on the 27th of December, setting a strong higher high.
However, the follow-up retracement broke past the previous support, leading to a sharp reversal. On Wednesday, more downside was quickly reached, returning BNB/USD back towards major monthly support of around $510.
Since then, the Binance Coin price has seen a quick reaction to $525, followed by another retest of $510 support. This morning, BNB/USD spiked to $525 again, with further upside quickly rejected. Likely, BNB is not yet ready to recover, and more downside will be tested over the next 24 hours.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish today as the upside currently gets rejected. Therefore, BNB/USD is likely headed to break below the $510 support next and continue the several-day decline.